Take a look at europe. Whats happening across the pond this morning. More green than red right now. At well, you got about 3 1 2 hours or so before the european markets closed. And the roadmap starts with the markets. Stocks set to open higher this morning after posting a nice gain at the close yesterday but the one thing you really need to be watching this morning is the move in gold. Plus, earnings at nike beating the street but the stock slipping during trading thus far. Were going to break down the numbers and tell you exactly why the stock is moving that way. And ecking of earnings tiffany is slipping on weakerthanexpected results in the latest quarter, so why is the companys ceo touting record sales . Well, we have some answers. We also have breaking news this morning on the fed. Steve liesman is in washington with those details. Good morning, steve. Reporter scott, good morning. The minneapolis fed president who is out with an explanation of the dissent that is the very dovish. It reads the fed should not have dropped the threshold guidance the 6. 5 unemployment threshold when the fed would consider racing rates. He called that guidance highly effective at helping Monetary Policy. What he wants was a 5. 5 employment threshold with a bound on the inflation target down from 2. 5 . Changing the guidance weakens the credibility of the feds inflation target and the new guidance he says fosters policy and, of course, market uncertainty and that suppresses economic activity. He did endorse the new guidance that said the feds rate would remain below normal even when the Unemployment Rate at inflation get back to what the fed considers to be normal. Im at a conference here with several former and current fed officials and ill be back later this morning with what theyre saying about that controversial press conference by the new fed chair on wednesday. Scott, back to you. Thanks so much. You know, jim, it will be a busy day of fed speak. Yeah. Fisher is talking, bullards talking. Maybe some clarity on exactly what janet yellen meant to say the other day. Well, the market spoke loudly. They believe she meant to say was your short rates are going up which therefore means the banks will make much more money which therefore led to the dramatic outperformance of every Bank Including a bank that failed the stress test. This group got so zions. This is a market where if it loves you, it loves you to death. And the banks suddenly became so loved because people are projecting that those short rates are going to go higher. And do you know what until someone says the short rates arent going to go higher the banks will continue to ramp. Banks, old tech, ipos, by otech and tech, are so loved right now that it almost takes your brth away. So, just going to say stuff today that is just going to break the orthodoxy. Ill suggest that amber road which is not a beer company, a10 had is not an a league the atlantic ten is going public. Border free is not about border control. And no one wants to hear any of these things. What they want me to say is you got to buy, you got to buy, you got to buy them and im not going there. I dont want to be a curmudgeon today but theres a lot of craziness going on. I think you are feeling feisty today. I dont know if it was the harvard win. Because i picked the bearcats no, because i didnt go with north dakota. No, i mean, im just saying that someone has to be the late mark haines would sit here and say amber road, have you had that, i mean, is that an ipa . Can i have a possibility of that. A10, when is the big east coming. A peent int of castlight. A lot of companies coming public and were trying to keep track of them and when a lockout expires like fireeye, suddenly everybody hates them, the stock is sloshing around from established companies that sell at multiples of revenues as soon as the lockups go the stocks are rolling over. In the meantime were taking Companies Public in one product in biotech and the stocks are soaring. Theres a Company Called endocyte, nonsmall cell cancer and you see the stock is doubling this morning, lets take a breath. This is great. Everybodys making a lot of money but lets just take a breath. The banks i can go with. Those i can go with because theyre well behind the market in name excess. So many places to go this morning, and i referenced it already the fact that stocks have gotten all of the fed day losses back. Yes. Yields havent budged from their move. Its all because people are interpreting 2015 being the year that the short rates start going higher. These banks are paying you nothing on cds. They will make a fortune every day they turn on the lights if the short rates go higher. And this is look, this is a money trade. And jpmorgan which every day you pick up the paper and my Charitable Trust owns it and god love it, i love it. If the short rates go higher and if the tenyear goes higher meaning if rates go higher, they make a fortune. Thats all people care about. They dont care about the overhead and all the dodd frank, wow, thats what we want to be in. The day after the stress test i thought the goldman note this morning assessing what the fed has assessed with the banks made a really interesting statement about bank of america that i think we should discuss because i want your opinion on it. Because at least at noon so many of the folks who come through our show love bankamerica. I hardly hear anything negative, goldman, though, saying and i think we have the quote, we worry most about bank of america as we estimate only 6. 5 billion annual of excess capital versus 6 billion to 7 billion in expected return. Is this a time to, say, pause and have a real look at whats happening at bac . My charitable big position of bank of america, we have the ccar, the stress test isnt as important as ccar. Goldman indicates they wont return as much capital and people are worried about the legal bills. Im not. Its still very inspedexpensive versus the other banks. Regions financial did well on the test stress. Its been a hester rick underperformer and key did terrific but they are all trading together. Theres an xlf, all that matters is the etfs people play banks with etfs its a rising tide and you might want to distinguish bank of america from the others. I think it may not matter. The folks at goldman this morning not only commenting on the banks, jim, but commentsing on gold saying the move weve seen this year which has been one of the early years best trades from beginning of the year around 1,200 getting close to 14 or so unsustainable. Not going to last and they can give you a list of three Different Things but basically saying as the economy continues to get better here as some of the geopolitical risks perhaps subsides that the gold trade just cant continue. I think thats right. Its going to cost you money to borrow money to buy gold. Thats going to go down. The only thing that gold has in its favor when you read the actual 10ks of all the gold companies, they are having trouble finding gold. Its not coming out of the ground as it used to. Even rand gold which has the best Holdings Worldwide they are having trouble producing gold. Goldman, talk about a laggard. I wonder what goldman internally and not just in the elevator but throughout the building is saying about their own stock. Theyve seen Morgan Stanley stock burst out, bank of america, they poohpooh bank of america, but goldman is the outlier bad performer. Goldman, been buying it for the trust, dont think it can last but someone has to point it out that goldman stock is not doing well as well as the other stocks. All of those companies along with a parade of others were not that far away from earnings season, jim. Were going to start getting reports before not too long and the financials are either going to be justified as a place to be or were going to have some concern over where they go from here. You started the conversation by talking about how the ten year hasnt budged. If the ten year doesnt budge, then the numbers arent going to go up for the banks. Why did we buy those . Theres going to be a lot of buyers remorse going on now is what im indicating. When you see the ipos come public, there will be big buyers remorse because the secondaries will come faster than you realize and the stock will be unlocked and im saying the banks at least are inexpensive but if we do not get more inflection in the yield curve and if we dont get clarity that short rates will go up, then the banks will give up some of their gains. Let me give you a quick comment and a stat on the biotech ipos. Ive got stuff, too, on that. 26 of 46 ipos this year have been in biotech. What does that tell you . What does it tell you when the biggest decliners in biotech are gilead and celgene . They had monster runs. Right. Heres the conclusion i was talking to cole erkin who does research with me, the conclusion is you havent missed anything if you buy a biotech on the ipo market but youve missed a lot if you didnt buy gilead. The pill numbers for hepc are 7 up from last week. Its too late to buy gilead, so lets buy, ive got 100, lets go buy kera therapeutics, why not. You cant you lose track of all the different names. Hottest place to be right now no doubt biotech . Ipo biotech is working. I think the other biotechs people circle back to them when they realize, do you know what, we were buying companies that were only one product. I spoke with Seattle Genetics this week with clay segal, he has more stuff in phase three than anybody i know and people would rather own endocyte, the ones that are unseasoned and the real unseasoned ones coming public right now that are looking to me like oneproduct companies. But people dont want to hear that. They want me to get behind these. I watched the twitter feed. Cramer, why arent you getting behind. They dont know the name of the company. Why dont you get behind the one about to open. What is it about you and gilead . You would be the first one you want them to do well. I want everyone to make money. Lets not go to the moon on day one. Right. But they are going to the moon. You know, honestly, you look at them, how is paylocity doing . How will it do six months from now. Border free the ceo was on this morning on squawk hes got a cloud thing going. Hey, cloud. Meanwhile, salesforce. Com went from 68 when they reported the quarter and it lost ten points and no one wants salesforce. Com and no one wants workday, they want mediwound. Heres akebia, have you seen this thing . This is an incredible stock. Phase two data. Does anyone know how long it takes to get phase two data to the fda . You get through the s. E. C. Like this, you get through the fda like that. Were just getting started. We have so many earnings reports to talk about we didnt get to. Those are Real Companies. I dont want to talk about them, nike and tiffany theyre Real Companies forget about them. I want amber road and a10. Okay. I hear you. You go for quality, my friend, and i say what the heck are you doing . Over. Word is that st. Joes is priced above the expected range. Holy cow, are you kidding me . North dakota state will open up at a price i would be a seller but do you know what north dakota state when the insiders start selling six months from now youre going to regret that you took it here. Three ceos making news in a big way in one case the stock is taking a hit. Well explain why coming up. And ahead James Stewart. I had dinner with him last night im not kidding. At the place . At bar san miguel. Ill take it public tomorrow, saturday. Can you take things public saturday . I did it with james. Well, he is going to be speaking about sanctions against russia and the impact theyre having on that countrys markets make on guac, tequila, tacos, who knows what else. Guac is going higher. Look out. Another look at the futures. I can use a tequila shot now apparently. Dow futures 42 points implied open and more squawk on the street from post nine on the New York Stock Exchange when we come back. Come back. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Making sure im not in too deep all right, well, nikes reporting earnings of 76 cents a share for its fiscal Third Quarter and revenue coming in above consensus, but the dow says it sees weakness in emerging markets. The Charitable Trust owns nike and we feel this thing run up into. Can i tell you i went through the nike quarter and its beautiful. It doesnt matter because nikes one of those stocks that im describing people feel like theyve missed nike so theyd rather find the next nike in the ipo market. The only thing that was wrong was currency, china was better than expected and western europe, its true that Michael Jordan apoll jiletzed for the breakdown of an air jordan sneaker that someone from the 76ers was wearing. I think the 76ers were just trying to tank their team as we know. They lost, like, 600 straight or something. They are trying to go for the record because theres a lot of good guys in the ncaa and for the record i know shat st. Joe, im not confusing it with st. Jude, we know its a college. We are being facetious because theres so Many Companies going public. But nike is the classic example of a great quarter but they give a little bit of guidance based on currency. The stock was at 79 and went to 80 and 81 on the futures numbers which were excellent and then right when they did the commentary, the graph before the q and a the stock tanked and thats where it is now. And i think that nike five days from now will be higher not lower. Its good enough where nike deserves a look right here after under armour sort has stolen the headlines. It has the momentum. If you go over the nike quarter theyve got a lot of technology. Mark parker is not hes totally in the game. The china worries they were doing and now theyre doing seven. This is a Great Company. But do you know what, unless you do everything right, line by line on these conference calls, and raise numbers, youre not going to be able to sustain the move if the stock has run into the quarter. Yeah. And thats what happened to nike. Tiffany too, by the way. Did you hear about the distance runner, shes been with nike for 12 years and then she switched. You dont often hear about athletes leaving the nike stable after a decade or so. No. And thats true. And i remember we recommended under armour and it seemed ridiculous when notre dame switched from nike to under armour but i spoke with a lot of people at notre dame who were involved in that decision and it was a headtohead so i understand that. But then again, if you take a look the vast preponderance of sneakers in the ncaa are nike. They rergesed th edreferenced t call. Nike has a new football shoe, football for them is soccer, and its going to come out, 2016, really going to be big. The boot thing. The world cup. Yeah. Nike is going to go down because they referenced the currency and im just saying that if you circle back to nike at 76 i dont think youll regret it. Tiffany, up huge ahead of the quarter. Thats going to go down because of some numbers involving asia. These are Real Companies. Okay . Is it fair that the commentary i heard this morning is, like, tiffany not bad, just not good enough. Given the fact that the stock has had an incredible move. Even since february, right . Its had an amazing move. But were nitpicking with tiffany and nike but were willing to give a pass to just about every company thats coming public right now and im just worried about that. I am not saying you shouldnt try to be in some of these companies, when you look at a cornerstone and its a good cloud play and cant get out of its way and everything that calls itself cloud or big data is flying on the ipo market and im saying that doesnt last forever. A reality check. Theres nothing wrong with a reality check. Dont get too complacent in the ipos if you got some at home dont feel that you have to hold on to it. Because the insiders most likely will not want to hold on to it when the lockups expire. Thats all im saying. Cooler heads. Cooler heads. A trivia question for you before we go to break, did you know there were actually, like, 13 teams in the atlantic 10 . Whats up with that . You are confusing it with a10, the Company Coming public. The numbers are weird but pac12 one time i think had, like, 13 and the big east by the way, the requiem for the big east on another network is pretty good. Up next its cramer mad dash as we count down towards the opening bell. Lets take another look at futures here as we get you set for this friday on the street. The dow looks even a little bit better right now. Implied open up 58. More stock on the street from the New York Stock Exchange is straight ahead. Straight ahead. No two people have the same financial goals. Pnc investments works with you to understand yours and helps plan for your retirement. Talk to a pnc investments Financial Advisor today. announcer scottrade knows our and invest their own way. With scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade office is there to help. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer ranked highest in Investor Satisfaction with selfdirected services by j. D. Power and associates. All right. Seven minutes before the opening bell. Time now for cramers mad dash ahead of the market open. Semantic. Antivirus isnt that what everybody is doing . The fralez of tphrase of the. But this was personal computer and not mobile you had to be mobile and symantec didnt change with the times. The ceo wasnt there that long but hes gone. But just because it has security in it and it doesnt deliver, doesnt mean it can still go higher. Fireeye has delivered and look at its stock. Look at fireeye, they priced 14 million shares at 82. It is now at 68. And why im putting this out, im putting this out because this is what im afraids going to happen to all these companies that are coming public right now. When they file the when the insiders file and they start selling and by the way, theres 90 million shares in this thing that is unlocke